Estonia's Tallinna Sadam Q2 profit falls on higher fuel costs, ship repairs
Estonia's Tallinna Sadam Q2 profit falls on higher fuel costs, ship repairs
Overview
Estonia port operator's Q2 sales revenue rose 5.4% yr/yr; adjusted EBITDA fell 11%
Q2 profit dropped 59% yr/yr, impacted by higher fuel costs and ship repairs
Revenue growth supported by cruise business and chartering of icebreaker Botnica
Outlook
Company did not provide specific guidance for future quarters or the full year
Result Drivers
ICEBREAKER CHARTER - Higher number of charter days for icebreaker Botnica boosted charter fee revenue
CRUISE BUSINESS - Significant growth in cruise business supported revenue increase, per Chairman Valdo Kalm
FUEL AND REPAIRS - Rising fuel prices and extraordinary ship repairs due to ice conditions reduced profitability
VESSEL WITHDRAWAL AND CARGO - Profit was reduced by the withdrawal of a vessel from the Paldiski–Kapellskär route and a decline in cargo volumes
ONE-OFF GAIN LAST YEAR - Prior year profit benefited from a one-off gain from land sale, not repeated this year
Company press release: ID:nGNE8ZD9NG
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Miss | EUR 31.1 mln | EUR 32.40 mln (2 Analysts) |
Q2 Net Income |
| EUR 1.4 mln |
|
Q2 Adjusted EBITDA |
| EUR 14.2 mln |
|
Q2 Adjusted EBITDA Margin |
| 45.70% |
|
Q2 EBIT |
| EUR 7.90 mln |
|
Analyst Coverage
The one available analyst rating on the shares is "hold"
The average consensus recommendation for the marine port services peer group is "buy."
Wall Street's median 12-month price target for Tallinna Sadam AS is €1.46, about 15.1% above its August 7 closing price of €1.26
The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 16 three months ago
Reuters Recommended Reads
Aug 7 - Greece's Globus Maritime Q2 revenue jumps 53% on stronger bulk shipping market conditions
Aug 7 - Canada's Algoma Central Q2 revenue rises on segment growth
Aug 7 - Singapore's Beng Kuang Marine HY revenue rises
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)
Recent news on Tallinna Sadam AS
See all newsBrief: Tallinna Sadam And TT-Line Strike Deal For Estonia-Finland Ferry Service From 2027
Brief: Tallinna Sadam Unit Charters Icebreaker Botnica For South Africa Offshore Project
Estonia's Tallinna Sadam Q2 profit falls on higher fuel costs, ship repairs
Brief: Tallinna Sadam Q2 Adjusted EBITDA EUR 14.2 Million
Estonia port operator Tallinna Sadam's Q1 profit falls 33% on lower volumes